Spotify takes £34 million hit following failed deals after Meghan Markle's podcast snubbed



It seems that Spotify faced financial losses due to "write-offs and contract termination" costs related to their podcast content portfolio. The termination of Meghan Markle and Prince Harry's podcast deal with Spotify could have contributed to the £34 million hit.

According to Spotify's CEO, Daniel Ek, the company decided to step out of some deals and relationships that didn't work out, suggesting that they may have made strategic realignments to their podcast business. He also mentioned that they might have overpaid for certain deals relative to their value.

Spotify made significant staff reductions, including laying off about 6% of its 6,600 workforce in January and later reducing its global podcast vertical and other functions by approximately 200 people, which amounts to around 2% of Spotify's total workforce. This strategic realignment was attributed to the performance of certain podcasts, including Meghan Markle's Spotify podcast, which reportedly did not meet expectations and might have contributed to the need for cost-cutting measures.

It appears that Harry and Meghan's podcast deal with Spotify did not perform as expected, leading to a decision by Spotify to terminate or "snub" their podcast. Insiders close to Spotify have claimed that the royal couple failed to meet the productivity benchmark required to receive the full payout for their audio deal. As a result of this underperformance and other factors, Spotify made the strategic decision to make staff reductions and realign their podcast content portfolio.

Despite the setback with their previous podcast, Meghan is reportedly planning to create more podcasts, indicating that she remains interested in continuing her work in the podcasting space. It was also mentioned that Spotify was planning to release a second season of their podcast after the first season.

On another front, sources close to Meghan and Harry have claimed that the couple would stop making Netflix documentaries, publishing memoirs, and appearing for interviews that do not speak well of the Royal Family.

Recent reports have been suggesting that the Duke and Duchess of Sussex are currently under tremendous financial pressure and are finding it hard to fund their lifestyle. While Meghan’s Spotify podcast was recently snubbed, their Netflix deal reportedly remains intact. It is believed Harry recently reached out to Prince William to discuss the possibility of returning to the UK. According to royal commentator Richard Fitzwilliams, making this U-turn would be a "humiliation" for the couple.

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